PUBLISHER: Grand View Research | PRODUCT CODE: 1493474
PUBLISHER: Grand View Research | PRODUCT CODE: 1493474
The global voice search market is anticipated to reach USD 13.88 billion by 2030, registering a CAGR of 23.8% during the forecast period, according to a new report by Grand View Research, Inc. The market growth is driven by the widespread adoption of smart devices and the integration of voice assistants into smart homes. The expansion of smart home technology, including connected appliances, lighting, and security systems, further fuels the demand for voice search capabilities as users seek smooth control and automation of living spaces.
According to the Secure Data Recovery study of 2023, the use of smart technology is rapidly increasing throughout the U.S. Connecticut, Utah, and Maryland have the highest percentages of smart home usage, with 28.2%, 27.8%, and 27.6% of their respective populations using smart technology. The report states that the adoption of smart home technology surged, with the percentage of smart households increasing from 6.9% in 2015 to 22.3% in 2023. The advancements in smart entertainment industry significantly drives this growth.
Innovations such as Natural Language Processing (NLP), Machine Learning (ML), and deep learning algorithms enhance the accuracy and effectiveness of voice search systems, making them more reliable and user-friendly. These technological developments enable more precise interpretation of user queries and also facilitate better understanding of context and intent, resulting in more relevant search results and personalized recommendations.
As voice recognition technology continues to evolve, with enhancements in multilingual support, accent recognition, and real-time processing capabilities, it is further driving the market growth by expanding its utility across diverse applications and industries. For instance, in August 2023, Amazon reported a 21% rise in the use of multilingual mode on Alexa-powered devices in 2022. The company noted that nearly half of the Echo smart speaker users prefer to interact with Alexa in Indian-English/Hindi through the multilingual mode.